Wednesday, 29 February 2012

Ison continued & ECB creates another 529 bn Euro

Following my request for information on Mr Ison I see Junius, click on link to read, and Steve Morson on Butchers forum, click on forum to read his contribution.

There does seem to be considerable confusion about Mr Isoe's employment record. The allegations of his close links to Nigel Farage also need to be answered. 

The EU is now in full panic mode. Today the ECB lent 529 bn € on pretty dodgy collateral for 3 years today. The main bidders for this largesse were Italian banks, 130 bn  €. The total  lent under this LTRO (Long Term Repo Operations) scheme now totals 1.02 trillion Euro! What happens 3 years down the road when this sum has to be repaid?

Right now the effect is clear to see. Italian bond auctions for sub two year maturities are now going at around 2%. Even the 10 year rate of 5.2% is down from its 6.5% peak but not by as much as the EU hoped for. Ten years is a long time and the markets are asking the same question I posed in the previous paragraph.

In the real world Greek society is now in melt down. Click on link to read Trevor Kavanagh's powerful piece in today's Sun. The EU has succeeded in re-opening the old wounds and hatred of Germany created by WWII. Quite an achievement for an organisation that was meant to make us all Europeans who will love each other.

Meanwhile in the Boy's inbox the Argies are kicking up over the Falklands. Its all oil driven. I do hope the Boy heeded my pre Xmas advice and has ensured there is now lots of UK military assets in Falkland waters. We will soon find out if its Iron Dave or Dave the chocolate tea pot. No Oscars in the latter.

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